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Stock Market & Financial Investment News

News Breaks
April 10, 2014
12:25 EDTEBAY, GM, ALLY, RAD, BBBY, RT, IMPVOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite U.S. jobless claims dropping to their lowest level since 2007. Stocks began the session slightly lower following disappointing trade data from China, but the market seemed to briefly try and make a move into positive territory shortly after the opening bell. The attempt was short circuited when the tech-heavy Nasdaq began to weaken and the averages have continued to drift lower throughout the morning, leaving the Nasdaq down more than 2% near noon. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. However, many discounted the figure, which can be volatile around March and April due to the timing of Passover and Easter, as well as other seasonal factors. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: Shares of eBay (EBAY) fell over 2.5% after the online marketplace operator struck a deal with noted investor Carl Icahn to end his proxy contest before the company’s upcoming annual meeting. The company agreed to Icahn’s suggestion to appoint David Dorman, a founding partner of Centerview Capital Technology, as an independent director and Icahn withdrew both his proposal to separate the company’s PayPal business and his two nominees to the company’s board... Shares of Ally Financial (ALLY), which was formerly the auto finance and financial services arm of General Motors (GM), were lower in their first day of trading following the company's return to the public markets. The Treasury Department, which had been Ally’s majority shareholder after rescuing it during the 2008 financial crisis, raised $2.38 billion by selling 95M shares at $25.00. General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. MAJOR MOVERS: Among the notable gainers following their earnings reports were drugstore operator Rite Aid (RAD), which rose 10% and casual restaurant owner Ruby Tuesday (RT), which gained 13%. Among the noteworthy losers was home furnishings retailer Bed Bath & Beyond (BBBY), which dropped over 6% after the company's first quarter profit outlook significantly trailed analysts' consensus estimate and the stock was downgraded to Neutral at Bank of America Merrill Lynch. Also lower were shares of data security solutions provider Imperva (IMPV), which plunged 41% after the company slashed its first quarter profit and sales outlook and the stock was downgraded at both Deutsche Bank and Oppenheimer. INDEXES: Near midday, the Dow was down 124.91, or 0.76%, to 16,312.27, the Nasdaq was down 92.72, or 2.22%, to 4,091.18, and the S&P 500 was down 21.90, or 1.17%, to 1,850.28.
News For EBAY;GM;ALLY;RAD;BBBY;RT;IMPV From The Last 14 Days
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September 10, 2014
11:59 EDTEBAYeBay downgraded, continues slide after Apple Pay announced
Shares of e-commerce company eBay (EBAY) are falling for a second straight day after Apple (AAPL) announced its new mobile payment system, Apple Pay, at its event yesterday. WHAT'S NOTABLE: Apple unveiled and confirmed its widely anticipated mobile payment system, dubbed Apple Pay, at its event yesterday. The service, which works with both of Apple's latest iPhone 6s and its Apple Watch, could come in direct competition with eBay's PayPal. Apple is collaborating with American Express (AXP), MasterCard (MA) and Visa (V) on the platform, as well as banks including Bank of America (BAC), Capital One Bank (COF), Chase (JPM), Citi (C) and Wells Fargo (WFC). Some retailers that will support Apple Pay include Bloomingdale's, Disney (DIS), Macy’s (M), McDonald’s (MCD), Panera (PNRA), Staples (SPLS), Subway, Walgreens (WAG) and Whole Foods Market (WFM). ANALYST REACTION: Piper Jaffray analyst Gene Munster downgraded eBay to Neutral from Overweight following the details regarding Apple Pay. He believes that Apple's new payment system is likely to disturb the mobile payments market and is certain that the "unknown competitive threat" of Apple Pay will further burden eBay's multiple throughout the next six months. Munster said that he expected Apple to announce an initiative like this, so news of Apple Pay does not surprise him. He noted, however, that he did not expect Visa, MasterCard and American Express to collaborate with the platform along with partners such as Macy's and McDonald's. Munster anticipates investors in the near term to be more "conservative" in regards to the PayPal multiple. The analyst lowered his price target for eBay to $55 from $63. Pacific Crest analyst Josh Beck feels that Apple Pay could negatively impact sentiment towards eBay's longer-term opportunity. The tech giant is gaining more traction in the e-commerce space than Beck had initially thought, which could ultimately mean an increased rivalry with eBay's PayPal. The analyst keeps a Sector Perform rating on eBay. Bernstein analyst Carlos Kirjner said that eBay's weakness on Apple's latest news is a buying opportunity for investors. He said that the tech giant's new payment platform is targeting offline payments, noting that offline payments are not imbedded in analyst's estimates for eBay's PayPal. He said that it would take at least a few years for Apple Pay to reach a 12% market share of online payments. He does not see this news as an obstacle for PayPal and Kirjner keeps a $62 price target and Outperform rating on eBay. PRICE ACTION: Near noon, eBay fell $1.64, or 3%, to $51.09, while Apple rose $1.64, or 1.7% to $99.63.
10:37 EDTEBAYChannelAdvisor data shows soft August for eBay, says RW Baird
RW Baird analyst Colin Sebastian says ChannelAdvisor same-store-sales data for August confirms eBay (EBAY) had a soft month. Sebastian believes eBay's new Defect Rate may be pressuring sellers. He remains "somewhat cautious" on eBay in the near-term, but keeps an Outperform rating on the name. Sebastian noted that same-store-sakes data for Amazon.com (AMZN) is more positive.
10:18 EDTEBAYeBay falls, levels to watch
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10:00 EDTEBAYOn The Fly: Analyst Downgrade Summary
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10:00 EDTIMPVOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: African Barrick Gold (ABGLY) upgraded to Neutral from Sell at Goldman... ArcelorMittal (MT) upgraded to Overweight from Underweight at Barclays... CRH Plc. (CRH) upgraded to Outperform from Underperform at Raymond James... Callon Petroleum (CPE) upgraded to Buy from Neutral at SunTrust... Coach (COH) upgraded to Overweight from Neutral at Atlantic Equities... Hartford Financial (HIG) upgraded to Outperform from Market Perform at FBR Capital... Huntsman (HUN) upgraded to Buy from Neutral at Citigroup... Imperva (IMPV) upgraded to Outperform from Perform at Oppenheimer... L Brands (LB) upgraded at Credit Suisse... Marcus (MCS) upgraded to Buy from Neutral at B. Riley... Noodles & Company (NDLS) upgraded to Buy from Neutral at UBS... Sunoco Logistics (SXL) upgraded to Overweight from Equal Weight at Barclays... Triangle Petroleum (TPLM) upgraded to Buy from Accumulate at KLR Group... Twitter (TWTR) upgraded to Buy from Neutral at UBS.
09:38 EDTEBAYActive equity options trading on open
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09:22 EDTEBAY, IMPVOn The Fly: Pre-market Movers
HIGHER: Twitter (TWTR), up 2.8% after upgraded at UBS... SunEdison (SUNE), up 2.7% after Google (GOOG) to provide $145M investment in the company's Regulus solar plant... Camtek (CAMT), up 15% after receiving new orders of $3.0M from large OSAT... Doral Financial (DRL), up 12.5% after announcing sale of approximately $430M in assets... Imperva (IMPV), up 1.5% after upgraded at Oppenheimer... Mandalay Digital (MNDL), up 13.7% after updating its guidance. UP AFTER EARNINGS: Land's End (LE), up 8.7%... Palo Alto (PANW), up 4.4%. LOWER: eBay (eBAY), down 2.6% after downgraded at Piper Jaffray following yesterday's launch of Apple Pay (AAPL)... Mobileye (MBLY), down 2.5% after downgraded at Deutsche Bank... Krispy Kreme (KKD), down 2% after Q2 earnings report... GT Advanced (GTAT), down 7% after downgraded at Goldman and Piper Jaffray... Boyd Gaming (BYD), down 3.3% after downgraded at Morgan Stanley... Urban Outfitters (URBN), down 2% after reporting Q3 SSS were so far in the low single-digits negative... Armada Hoffler (AHH), down 6% after filing to sell 5M shares of common stock... AvalonBay (AVB), down 1.8% after to sell 4.5M shares in a forward sales agreement with Goldman... AngloGold (AU), down 12% after announcing plans to restructure its international mining under a new company and saying equity capital raising being contemplated.
09:17 EDTGMChina mulls easing car dealer restrictions, Bloomberg says
China's Ministry of Commerce is considering whether to ease rules on car dealers and allow them to sell vehicles from multiple brands in the same store, according to Bloomberg, citing people familiar with the matter. Note that both Bitauto (BITA) and Autohome (ATHM), which operate automobile buyer focused websites in China, were down significantly during yesterday's trading, though it is unclear if the reported new regulations play a role in their share weakness. Publicly traded carmakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
08:39 EDTIMPVImperva upgraded at Oppenheimer
As noted earlier, Oppenheimer upgraded Imperva to Outperform from Perform. The firm's mid-quarter checks indicate that the company is tracking ahead of guidance, while its execution is improving and it is benefiting from growing threats, according to the firm. Target $39.
08:20 EDTEBAYeBay to see more competition than expected from Apple, says Pacific Crest
Pacific Crest believes that Apple Pay could hurt sentiment towards eBay's (EBAY) longer term opportunity, while Apple (AAPL) is more focused on e-commerce than the firm had anticipated, creating greater competition for PayPal. The firm keeps a Sector Perform rating on eBay.
08:02 EDTGMGM calls Canadian dealer 'ambush' allegations overblown, Globe & Mail reports
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07:22 EDTEBAYeBay weakness on Apple news a buying opporutnity, says Bernstein
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06:38 EDTEBAYeBay downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Gene Munster downgraded eBay (EBAY) shares to Neutral from Overweight saying Apple's (AAPL) new payment system is likely to disrupt the mobile payments market. Munster believes the "unknown competitive threat" of Apple Pay will further weigh on eBay's multiple over the next six months. He lowered his price target for the stock to $55 from $63.
06:11 EDTIMPVImperva upgraded to Outperform from Perform at Oppenheimer
September 9, 2014
13:55 EDTEBAYeBay down 1.2% as Apple continues discussing mobile payment system at event
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10:57 EDTGMMobileye climbs after analyst says GM, Tesla using technology
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09:16 EDTGMMobileye technology being used by GM, Tesla, says William Blair
William Blair believes both General Motors (GM) and Tesla (TSLA) are using Mobileye (MBLY) technology for their announced self-driving capabilities. The firm notes that over the past two days, GM and Tesla noted their intentions of offering vehicles with autonomous driving capability in the next 24-36 months. William Blair says the recent announcements confirm its bullish outlook on Mobileye's market opportunity. The firm has an Outperform rating on the stock. Shares of Mobileye are rallying 5%, or $2.61, to $55.62 in pre-market trading. Morgan Stanley also upped its price target this morning on the name to $65 from $46.
06:52 EDTGMGM JV in China recalls over 38K Cadillac sedans, Reuters says
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06:22 EDTEBAYPayPal may let merchants accept bitcoin, FT reports
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06:09 EDTGMVerizon CEO sees self-driving cars 3-5 years away, Detroit News reports
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